Major Firm acts for telco on proposed $1.4 billion takeover

Telco announced its proposed takeover by way of a recommended scheme of arrangement last week.

TPG Telecom announced its proposed takeover of iiNet by way of a recommended scheme of arrangement last week.
Minter Ellison acted as legal adviser to TPG, led by Costas Condoleon.
"Minter Ellison has worked with TPG on all its major transactions over many years and it's exciting to be acting for them on this recommended A$1.4 billion acquisition of iiNet, which will be immediately EPS accretive for TPG Telecom shareholders," he said.
Condoleon said the major takeover is good for the M&A market, given the low Australian dollar.
"As speculation continues to grow about increased levels of M&A activity in Australia driven by the low Aussie dollar and low interest rates, it's great to see successful companies such as TPG Telecom doing significant deals to consolidate their strategic position in their home market," said Condoleon.
The cash consideration of A$8.60 per share values iiNet at approximately A$1.4 billion.
A meeting of iiNet shareholders to approve the takeover by scheme is expected to be held in June.
K&L Gates (led by partner Simon Salter) acted for iiNet.

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